Wednesday’s ETF Moves

By -

It was a big day on Wednesday, triggered by the white-hot inflation number. Here are some particularly important exchange-traded funds with a few remarks in each caption……….

slopechart EEM
Emerging markets have been steadily trending lower for months
slopechart IWM
The small caps broke above resistance last week; the big question is whether they will find support again at the horizontal or if they re-penetrate the range, thus negating the breakout
slopechart QQQ
The NASDAQ is weakening within its channel, as predicted
slopechart SPY
The S&P 500 nailed the “tip of the spear” of its now-broken wedge and has the lower trendline as medium-term support
slopechart TLT
Bonds went into a total free-fall, although this market has been an utter mess for months with no clear next direction
slopechart XRT
Retail, another recent short-sale idea, is also weakening in the wake of tagging the upper trendline of its channel